insurance
- Thread starter dnj12345
- Start date
- Status
GUNNING
Senior Member
- Location
- Gainesville, Florida
Not in the business plan
Not in the business plan
In FL I think its 1 mil but the law only allows redress up to the amount you made on a particular job. After attorney fees its not that much. But if you get sued you are not going to be able to get insurance again very readily and its a big headache. Its cheaper to do the job right the first time. Getting sued and using the insurance is not in my bussiness plan.
Insurance is cheap and impressive to get after the first million though. The first million pays for the administrative up front fees, then its all actuary table unless the agent gets greedy. Look into umbrella policies to bridge auto and liability.
Knew of a Plumber that got sued for $1.5 million becasue one of his guys hit (and killed) someone while DUI. He had 1.4 mill in insurance. Its that last $100 k that does ya in. It was punitive on the part of the victims family, but understandable at the time. You can never have enough insurance, or forethought. Hmmm... that reminds me.
Not in the business plan
In FL I think its 1 mil but the law only allows redress up to the amount you made on a particular job. After attorney fees its not that much. But if you get sued you are not going to be able to get insurance again very readily and its a big headache. Its cheaper to do the job right the first time. Getting sued and using the insurance is not in my bussiness plan.
Insurance is cheap and impressive to get after the first million though. The first million pays for the administrative up front fees, then its all actuary table unless the agent gets greedy. Look into umbrella policies to bridge auto and liability.
Knew of a Plumber that got sued for $1.5 million becasue one of his guys hit (and killed) someone while DUI. He had 1.4 mill in insurance. Its that last $100 k that does ya in. It was punitive on the part of the victims family, but understandable at the time. You can never have enough insurance, or forethought. Hmmm... that reminds me.
- Location
- Logan, Utah
I carry a 1 million dollar liability policy. It is not really as expensive as you might think.
My insurance company custom fit my policy for the type of work I do (Mostly residential with small commercial).
Chris
My insurance company custom fit my policy for the type of work I do (Mostly residential with small commercial).
Chris
Charlie Bob
Senior Member
- Location
- West Tennessee
I carry $1,000,000 liabily policy.
When i first started i used to carry $500,000 but some jobs started to require a million dollar policy, so I upgraded then.
Like raider1 said, it's not that expensive, at least in this part of the country.
When i first started i used to carry $500,000 but some jobs started to require a million dollar policy, so I upgraded then.
Like raider1 said, it's not that expensive, at least in this part of the country.
hardworkingstiff
Senior Member
- Location
- Wilmington, NC
I also carry $1 million.
But I also have adders for theft (I've been known to store over $100,000 of cable on a job site) and damage to customer's equipment when in my care and custody.
General liability is minimal and you might be surprised what it doesn't cover. You need to read and understand your policy, don't just take the word of your agent.
But I also have adders for theft (I've been known to store over $100,000 of cable on a job site) and damage to customer's equipment when in my care and custody.
General liability is minimal and you might be surprised what it doesn't cover. You need to read and understand your policy, don't just take the word of your agent.
You have liability coverage to protect your assets, what are you total assets?
If you are sued, and found no wrong doing, the cost of defending the case is where the insurance comes in 1 million in legal fees is easy to blow thru in even a minor case.
Do you own a home, have investments or other holdings? all these things come in to play when considering liability insurance
LarryFine
Master Electrician Electric Contractor Richmond VA
- Location
- Henrico County, VA
- Occupation
- Electrical Contractor
Not to brag, but we have a $2M liability policy, and it also covers work-vehicle-caused damage. A commercial job required it, and it wasn't that expensive to keep.
$2mil does not cost twice as much as $1mil. In fact, the difference is a pretty small increase.
jaylectricity
Senior Member
- Location
- Massachusetts
- Occupation
- licensed journeyman electrician
I carry one million dollar coverage and I do exactly the kind of work you're talking about.
dmagyar
Senior Member
- Location
- Rocklin, Ca.
2 Million total
2 Million total
I've got a great policy now, but the first company that insured me for a few years was screwing me. When I started to shop around I found out they were about $600 over what I ended up getting the same coverage from another company. I even added a marine rider for $10,000 in tools and still paid less which lets me sleep a lot better.
2 Million total
I've got a great policy now, but the first company that insured me for a few years was screwing me. When I started to shop around I found out they were about $600 over what I ended up getting the same coverage from another company. I even added a marine rider for $10,000 in tools and still paid less which lets me sleep a lot better.
- Location
- Illinois
- Occupation
- retired electrician
I think you can be held liable for simple negligence, and you can be sued for anything and even if the suit has no merit you will have expenses to defend yourself.
stars13bars2
Senior Member
Anyone with one million coverage needs to ask your agent how much for two million. I had to for a particular cusomer and it was only $12 more.
ishium 80439
Senior Member
I carry 2 mil aggregate w/ 1 mil per occurence. The policy includes extras like work vehicle etc. As someone else stated I did a job for a GC that required higher limits than what I had so I changed my policy to their standards and kept it that way.
dduffee260
Senior Member
- Location
- Texas
Not sure but I think we have a 5 million policy. We had to bump it up from 2 million because of some of the size of projects in the past few years.
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